Tata AutoComp, Ichikoh form JV to acquire Valeo’s lighting business
Tata and Ichikoh are in talks to finalise an agreement to acquire Valeo Lighting Systems (VLS), a business unit of Valeo India Private Limited.
Ichikoh Industries, a company listed on the Tokyo Stock Exchange and owned 61.08% by Valeo, has announced that it is establishing a 50:50 joint venture in India with Tata AutoComp, the automotive components arm of Indian industrial conglomerate Tata Group.
Tata and Ichikoh are in talks to finalise an agreement to acquire Valeo Lighting Systems (VLS), a business unit of Valeo India Private Limited, Ichikoh said. The JV will address the fast-growing automotive market in India.
“The formation of this joint venture would be another significant step by Tata AutoComp in offering contemporary products and technologies to automotive OEMs (original equipment manufacturers) in India,” said Tata AutoComp Vice Chairman Arvind Goel, according to a report by Indian news agency PTI. “We are pleased to welcome Ichikoh and the Valeo Group as our partner, and together with their automotive lighting expertise, we will offer technologically superior and differentiated lighting solutions to our customers.”
“Ichikoh, with more than 120 years of history of technological excellence, will join forces with new partner Tata AutoComp, strongly established with its reputational excellence,” said Ichikoh Representative Director, President and CEO, Christophe Vilatte. “Capitalising on our respective strengths, we will be well-positioned to address the fast-growing automotive market in India.”
“The Venture will enhance our presence in the Indian automotive market and would enable us to serve various OEMs,” said Manoj Kolhatkar, MD and CEO of Tata AutoComp, according to a report by Businessline. “This collaboration marks another milestone in Tata AutoComp’s journey of offering a comprehensive portfolio of auto-component products.”